Oil prices dip as worries over economic slowdown return

Oil prices slipped on Friday as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-U.S. trade conflict, although OPEC-led production cuts bolstered sentiment in crude markets. Oil prices were also supported by comments from U.S. Federal Reserve Chairman Jerome Powell on Thursday that the central bank had the ability to be patient on monetary policy. International Brent crude futures were at $61.22 per barrel at 0139 GMT, down 46 cents, or 0.75 percent, from their last close. However, Brent remains on…

Instead of shunning Saudi Arabia after Khashoggi killing, investors flock to $7.5 billion bond sale

Saudi Arabia raised $7.5 billion in its first dollar bond sale since the killing of Saudi dissident and U.S. resident Jamal Khashoggi incited an international uproar. div > div.group > p:first-child »> Khashoggi’s killing sparked concerns that international investors would shun the kingdom. Saudi Arabia is prosecuting several agents and officials allegedly involved in the slaying at a Saudi consulate in Istanbul, Turkey. Riyadh denies that Saudi Crown Prince Mohammed bin Salman was involved in the murder, but the CIA has reportedly concluded that the king-in-waiting was complicit in the…

Saudi Arabia plots new path to long-delayed Aramco IPO

Saudi oil giant Aramco is undertaking a series of moves that may pave the way for a long-delayed stock market debut. div > div.group > p:first-child »> The kingdom plans an initial public offering for Aramco in 2021, Saudi Energy Minister Khalid al-Falih said during a press conference on Wednesday. Falih backed the latest target for the IPO with several announcements that would essentially prep the market for the debut, which is expected to be the largest ever. Saudi Arabia on Wednesday released the results of an independent audit that…

Oil falls 1 percent on swelling US supply, concerns on US-China trade talks

Oil prices fell by about 1 percent on Thursday on swelling U.S. supply and amid a cautious reaction to trade talks between the United States and China, the world’s two largest oil consumers, that finished without concrete details to ending their dispute. U.S. West Texas Intermediate (WTI) crude oil futures were at $51.80 per barrel at 0432 GMT, down 56 cents, or 1.1 percent, from their last settlement. International Brent crude futures were down 0.9 percent, or 57 cents, at $60.87 per barrel. Both oil benchmarks rose by around 5…

Saudi Arabia’s massive oil reserves total 263 billion barrels, even bigger than previously known

Saudi Arabia’s massive oil and gas reserves are even bigger than previously reported, according to an outside assessment commissioned by the kingdom. div > div.group > p:first-child »> The independent audit not only revised Saudi reserves higher, but may help put to rest skepticism over the nation’s oil and gas wealth, which has persisted in some corners of the market for years. It also shows national oil giant Saudi Aramco is taking strides towards transparency as it continues to consider a stock market debut. On Wednesday, Saudi Energy Minister and…

Vestas reaches 100-gigawatt wind turbine installation landmark

Danish wind energy business Vestas says it has become the first company to install 100 gigawatts (GW) of wind turbines. In an announcement Wednesday, the firm said it reached the milestone in late 2018, when it installed a V110-2.0 MW turbine at MidAmerican Energy’s Wind XI project in Iowa. The Wind XI facility is set to have a capacity of 2,000 MW and will be made up of « multiple sites in Iowa. » Vestas installed its first turbine, in Denmark, in 1979. It has gone on to install more…

Oil rises 2 pct on U.S.-China trade talk optimism

Oil prices rose 2 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel. Both crude price benchmarks added to Tuesday’s 2 percent gains and have now been on the rise…

Poland’s prime minister accuses the EU of ‘discrimination’ between member states

Poland’s prime minister launched a heavy critique of the European Union, saying that Brussels can fail to treat different member states in a fair and balanced way. div > div.group > p:first-child »> Mateusz Morawiecki, from the conservative Law and Justice (PiS) party, believes the EU has shown « discrimination » in how it deals with various countries, citing the examples of fiscal policy and energy. « Different countries, different member states are treated quite differently in very similar situations, so this probably a definition of discrimination isn’t it? »…

China trade war and US shale are the biggest concerns for outgoing OPEC chief

The U.S.-China trade war and booming American shale production are among the top worries for the United Arab Emirates’ oil minister and former OPEC president. After a volatile year for oil prices, hydrocarbon-exporting countries are buckling down for what could be more turbulence ahead. div > div.group > p:first-child »> In terms of geopolitical headwinds for 2019, « One is the potential of heated war between China and the United States, » Suhail Al Mazrouei told CNBC’s Hadley Gamble on Wednesday. « I think this is one fundamental, not only…

Oil prices surge on hopes of successful US-China trade talks

Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel as at 0131, up 51 cents, or 1 percent from their last settlement. It was the first time this year that WTI has topped $50 a barrel. International Brent crude futures were up 42 cents, or 0.7 percent, at $59.14 per barrel. Both crude price benchmarks had already…

BP just discovered a billion barrels of oil in the Gulf of Mexico

BP’s investment in next-generation technology just paid off to the tune of a billion barrels. div > div.group > p:first-child »> The British energy company has discovered 1 billion barrels of oil at an existing oilfield in the Gulf of Mexico. BP also announced two new offshore oil discoveries and a major new investment in a nearby field. BP is the Gulf of Mexico’s biggest producer, but it’s making strides to hold that title. BP now expects its fossil fuel output from the region to reach 400,000 barrels of oil…

US carbon emissions see largest yearly gain in 8 years, data show

U.S. carbon dioxide (CO2) emissions saw a yearly increase of 3.4 percent in 2018, according to preliminary estimates released Tuesday. The rise represents the second-biggest yearly gain in over two decades, independent research provider the Rhodium Group said in a note. The figures are based on « preliminary power generation, natural gas, and oil consumption data. » The increase was only surpassed by the 2010 figures when the economy was bouncing back from the global financial crash, it said. Breaking the figures down, the transportation sector remained the largest source…

Oil prices rise on trade talk optimism, OPEC cuts

Oil prices rose on Tuesday on hopes that U.S.-Chinese talks in Beijing would bring a halt to trade disputes between the world’s biggest economies, while OPEC-led supply cuts tightened markets. International Brent crude futures were at $57.77 per barrel at 0113 GMT, up 44 cents, or 0.8 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. U.S. Commerce Secretary Wilbur Ross said late on Monday that Beijing and Washington could reach a trade deal that…

Pompeo says oil prices don’t influence US response to Khashoggi killing, contrary to Trump’s stance

Secretary of State Mike Pompeo on Monday said oil prices did not and will not influence the Trump administration’s response to the killing of Saudi dissident Jamal Khashoggi. div > div.group > p:first-child »> Pompeo’s remarks, made in an interview with CNBC’s Wilfred Frost, come three months after Saudi agents killed the Washington Post columnist in the kingdom’s consulate in Istanbul, Turkey. In November, President Donald Trump declared the United States stands with Saudi Arabia, even though the CIA has reportedly concluded that Saudi Crown Prince Mohammed bin Salman played…

Why this week’s US-China trade talks are a big deal for oil prices

The outcome of trade talks between the United States and China this week will play a major role in determining whether oil prices can continue to rally, analysts tell CNBC. div > div.group > p:first-child »> Oil prices have risen for six straight sessions, clawing back gains after falling to 1½-year lows last month. The cost of crude collapsed more than 40 percent between early October and late December on concerns about slowing economic growth and oversupply in the oil market. Amrita Sen, chief oil analyst at research firm Energy…

Designs unveiled for new hydrogen-powered trains in the UK

Transportation giant Alstom and Eversholt Rail have revealed designs for a new hydrogen train that could be used on U.K. railways by the year 2022. In an announcement Monday, Alstom said that the train, named « Breeze, » would stem from the conversion of existing Class 321 trains, which have been in use for decades. An « initial, comprehensive engineering study » has been completed, with the concept design for the train also finished, it said. Alstom added that the two companies were working with industry stakeholders to help develop…

Goldman Sachs slashes 2019 oil price forecast amid oversupply concerns

Goldman Sachs downgraded its oil price forecasts for 2019, citing a surge in global production and surprisingly resilient U.S. shale growth. div > div.group > p:first-child »> The investment bank now expects international benchmark Brent crude to average $62.50 a barrel this year, down from a previous forecast of $70. Meanwhile, U.S. West Texas Intermediate (WTI) is expected to average $55.50 in 2019, down from a prior estimate of $64.50, the investment bank said in a research note published Sunday. « We expect that the oil market will balance at…

Oil prices rise on trade talks and supply cuts, but global economy concerns linger

Oil prices rose by around 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market. Brent crude futures were at $57.61 per barrel at 0111 GMT, up 55 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $48.49 per barrel, up 53 cents, or 1.1 percent. Financial markets were being lifted early on Monday on expectations that face-to-face trade negotiations…

Why car payments are on the rise as gas prices fall

While gas prices have been falling, the cost of monthly car payments keeps climbing. div > div.group > p:first-child »> During the third quarter of 2019, the average new car monthly payment accelerated to $530, with the average used car loan payment at $381. According to Experian Automotive data, both figures are at record highs. The average car loan is now just under $31,000. However, Experian says 20 percent of borrowers are taking out loans of $50,000 or more. « If you`ve been out of the market for five or…

Alexandria Ocasio-Cortez floats 70% tax on wealthy to pay for ‘Green New Deal’

Rep. Alexandria Ocasio-Cortez of New York says her plan to transition the United States away from fossil fuels would require people to « start paying their fair share in taxes. » div > div.group > p:first-child »> That could mean taxing the wealthiest Americans at a rate of 60-70 percent, the freshman Congresswoman told CBS’s « 60 Minutes » in an interview scheduled to air on Sunday. Ocasio-Cortez has put forward a « Green New Deal » that includes generating all of the nation’s power from renewable sources, building a…

Lithium-ion battery to help power a 200-room hotel in Scotland

A hotel in Scotland has started to use a lithium-ion battery to help power its operations. The Edinburgh Park hotel, a 200-room Premier Inn in Edinburgh, is trialing the 100-kilowatt battery with the aim of better managing its energy consumption. div > div.group > p:first-child »> The battery weighs around five metric tons and takes two hours to fully charge up. It has the capacity to run the site for as much as three hours. Major energy company E.ON supplied and installed the battery technology. In a statement Friday, the…

Oil stabilises on China-US trade talks, OPEC cuts

Oil prices steadied on Friday after China said it would hold talks with Washington on Jan. 7-8 aimed at solving trade disputes between the two world’s biggest economies. Crude prices had previously fallen after the United States followed most other major economies into a manufacturing downturn. U.S. West Texas Intermediate (WTI) crude oil futures were at $47.15 per barrel at 0345 GMT, 6 cents, or 0.1 percent above their last settlement. International Brent crude futures were close to their last close, at $55.93 a barrel. Both crude benchmarks were down…

Oil and gas business activity plunges, outlook turns negative: Dallas Fed survey

Oil and gas business activity in Texas and neighboring states plunged in the fourth quarter, according to the Dallas Federal Reserve. div > div.group > p:first-child »> The survey from the Fed’s 11th District also showed company sentiment turned negative for the first time in nearly two years and executives don’t expect much of an oil price recovery in 2019. The insight is from the Dallas Fed’s latest quarterly Energy Survey, which comes on the heels of a nearly 40 percent plunge in U.S. crude oil prices to about $45…

OPEC is cutting more oil from the market than planned, says former Saudi Aramco executive

The oil market should prepare for a bullish surprise from OPEC in January, according to a former Saudi Aramco executive div > div.group > p:first-child »> The 14-member oil producer group will likely deliver a deeper production cut in January than it promised last month, says Sadad al Husseini, founder of Husseini Energy. Market analysts could see OPEC production fall by about 1 million barrels per day from October levels this month, Husseini says. Last month, OPEC agreed to take 800,000 bpd off the market. Pledges from 10 other producers…

Oil prices slide on supply surge, global market turmoil scares off investors

Oil prices fell on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally. U.S. West Texas Intermediate (WTI) crude oil futures dropped by around 2 percent from their last settlement, or 93 cents, to $45.61 by 0404 GMT. International Brent crude futures were down 1.1 percent, or 60 cents, at $54.31 a barrel. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by…

Trump’s war on energy and environmental regulation is about to face the ‘Spanish Inquisition’

President Donald Trump set in motion a vast rollback of energy, climate and environmental regulations during his first two years in office. Over the next two years, those actions will face intense scrutiny on Capitol Hill. div > div.group > p:first-child »> On Thursday, Democrats will take control of the House of Representatives and the committees that conduct government oversight. Within the first few months of the year, incoming committee chairs intend to hold a series of hearings to pick apart Trump’s energy and environmental policies and what role industry…

Oil falls to $53 on economic worries, surging supply

Oil fell to around $53 a barrel on Wednesday, pressured by rising output in major OPEC and non-OPEC producers and concern about an economic slowdown that could weaken demand. Russian production hit a post-Soviet record in 2018, figures on Wednesday showed. Earlier this week, official data showed U.S. output reached a record in October and Iraq boosted oil exports in December. Brent crude fell 70 cents to $53.10 a barrel at 0838 GMT. On Dec. 26, it reached $49.93, the lowest since July 2017. U.S. crude slipped 62 cents to…

JP Morgan: If OPEC doesn’t maintain its cuts, oil could stay lower for longer

If the Organization of the Petroleum Exporting Countries (OPEC) does not follow through with its commitment to reduce oil production throughout this year, Brent crude prices could struggle to rise, according to J.P. Morgan’s head of Asia Pacific oil and gas. div > div.group > p:first-child »> In an early December meeting, OPEC and non-OPEC countries agreed to take about 1.2 million barrels a day off the oil market — initially for six months — starting January, amid a persistent imbalance between global oil supply and demand. « Well, J.P.…

Oil falls as traders gear up for volatile 2019

Oil markets reversed early gains on Wednesday to fall on the back of surging U.S. crude production and concerns of an economic slowdown in 2019. International Brent crude futures were at $53.65 per barrel at 0218 GMT, down 15 cents, or 0.3 percent, from their final close of 2018. West Texas Intermediate (WTI) spot crude oil futures were at $45.34 per barrel, down 7 cents, or 0.1 percent. Traders said crude futures won an early boost from a rise in stock markets, but then began to fall as the market…

Oil prices are set for their worst year since 2015 — here’s what went wrong

In a year when Wall Street predicted oil would surpass $100 for the first time in four years, the oil market instead experienced its worst annual loss since 2015. div > div.group > p:first-child »> The oil market’s sudden-about face in the fourth quarter has ended a 2½-year recovery for oil prices following the 2014-2016 downturn. Analysts expect oil prices to rebound next year, but the geopolitical risks that have weighed on the market throughout 2018 will remain a big variable in the New Year. U.S. crude is trading around…